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Quarterly Private Equity ... PASERS PE Por olio - Number of Funds and Managers/GPs Performance Summary Por olio Performance vs Russell 3000 Por olio Performance vs Benchmarks Quarterly Valua on Movement Vintage Year Performance IRR Performance by Vintage Year TVM Performance by Vintage Year ... Diversifica on Fund Geographic Diversifica on Core Por olio Returns ... Cash Flow Ac ... Quarterly Cash ... Performance Summary ... The following table illustrates the Por olio's since incep on inv

New Business A. CIO Updates i. 2025 Accomplishments and 2026 Goals ii. Investment Committee Work Plan B. Capital Markets Update and Quarterly Investment Performance Analyses as of December 31, 2025 i. Defined Benefit Plan ii. Deferred Compensation Plan iii. Defined Contribution Plan C. Private Equity Quarterly Performance Update as of September 30, 2025 ... D. Real Estate Quarterly Performance Update as of September 30, 2025 ... 9. Informational Items A. December 2025 Asset Allocation Report

highest possible long ... appropriate risk levels. In turn, this enables ... System to pay guaranteed benefits to retirees and beneficiaries at ... lowest possible cost to participating employers and ... taxpayers that fund them. Asset classes in which NYSTRS invests include: domestic equity; international equity; global equity; real estate equity; private equity; domestic fixed income; high yield bonds; global bonds; real estate debt; private debt; and cash equivalents. Approximately ... the Sy

PASERS PE Portfolio - Number of Funds and Managers/GPs Performance Summary Portfolio Performance vs Russell 3000 Portfolio Performance vs Benchmarks Quarterly Valuation Movement Vintage Year Performance IRR Performance by Vintage Year TVM Performance by Vintage Year Diversification Fund Geographic Diversification Core Portfolio Returns Performance by Sector Cash Flow Activity Quarterly Cash Flow Activity Annual Cash Flow Activity Cash Flow by Sector Unfunded by Vintage Year Schedule of Investmen

Retirement System ... Quarterly Private Equity ... PASERS PE Portfolio - Number of Funds and Managers/GPs Performance Summary Portfolio Performance vs Russell 3000 Portfolio Performance vs Benchmarks Quarterly Valuation Movement Vintage Year Performance IRR Performance by Vintage Year TVM Performance by Vintage Year Diversification Fund Geographic Diversification Core Portfolio Returns Performance by Sector Cash Flow Activity Quarterly Cash Flow Activity Annual Cash Flow Activity Cash Flow

To: SERS’ Investment Committee ... From: SERS’ Investment Office and NEPC Date: June 9, 2026 Subject: Real Estate Investment Manager Evaluation List ... The following is the Investment Manager Evaluation List (“Evaluation List”) as of March 31, 2026, for the Real Estate Securities (“REITs”) within SERS’ Defined Benefit Plan (“DB”). The Evaluation List is compiled in conformance with the criteria established in the Investment Manager Monitoring Policy adopted by the Board on October 29, 2014, and

| | A. B. C. D. E. F. | CIO Updates Capital Markets Update and Quarterly Investment Performance Analyses March 31, 2026 Private Equity Quarterly Performance Update as of December 31, 2025 Real Estate Quarterly Performance Update as of December 31, 2025 Private Equity Opportunity: SkyKnight Capital Fund V, L.P. and Sidecar Educational Session | as of • Defined Benefit Plan • Deferred Compensation Plan • Defined Contribution Plan – Market Update | ... 8. Public Session Resumes A. Investment Manage

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Nebraska Investment Council Data as of 12/31/2024 ... • The state of Nebraska’s Defined Benefit Plan, Cash Balance Benefit Plan, and Health Care and General Endowments invest in Private Equity and Real Estate ➢5% policy target to Private Equity (all pools) ➢7.5% policy target to Real Estate for DB and CBB Plans, 5% policy target to Real Estate for endowments • The slides that follow include vintage year and partnership level performance information for these investments • We have also included s

Real Assets ... P. 28 Real Assets Performance Update ... Real Assets ... Real Assets Asset ... Real Estate  Global real estate fundraising remained depressed due to heightened interest rates  Limit transaction volumes resulted in muted distribution activity for investors  Low distributions constrained LP’s ability to make new contributions and extended fundraise timelines ... Real Assets Asset Class Overview ... Real Estate  Both transaction volume and deal value for f

75 ... We manage over 93% of assets in-house investing in equity, bond and other real asset portfolios, including infrastructure, property and timberland investments. ... Global Real Estate Sustainability Benchmark (GRESB) data in the infrastructure and real estate asset classes is tracked and incorporated into reporting in these areas. ... 314,046 ... 41.2

Equities LINK REAL ESTATE INVESTMENT TRUST ... 2, ... Real Estate ABRDN POOLED PROPERTY FUND 39,099,417 ... Real Estate IN-HOUSE DIRECT PROPERTY 411,781,053

Information Items: These items are not presented for Committee action but consist of status updates and cyclical reports ... 1. Performance Review for the period ending December 31, 2023 – Total Fund Highlighting Public Markets Asset Classes ... • For the 6-month period ending 12/31/2023, ACERA’s Total Fund returned 4.78% net, compared to the Policy Index return of 4.45%. For the year ending 12/31/2023, the Total Fund returned 12.55% net compared to the Policy Index of 11.42%. The Total Fund’s n

adjusted basis, by investing a portion of its assets in Real Estate. The strategic objective of such investments is to:  Generate returns superior to those available in the public equity market to compensate the Fund for the longer term and illiquid commitments associated with RE investments;  Enhance ACERA’s long-term risk adjusted return, provide additional diversification to ACERA’s overall investment Fund, and serve as a hedge against inflation;  Produce a stable income stream to assist i

Agenda ‒ Portfolio Overview ‒ Market Highlights ‒ Investment Plan Recommendations Portfolio Objectives Overview ... ‒ The ACERA Real Estate portfolio dates back to 1988. The program has evolved from a heavily concentrated, predominately direct, separately managed account-based portfolio, to a well diversified, commingled fund-based program. ... ‒ The ACERA Real Estate portfolio is anticipated to provide the following benefits over the long term: ▪ Lower the overall portfolio risk due to real est

: 10: ... 0 a.m. ... Call Public Input (The ... allows public input on each agenda ... at the time the item is discussed) Action Items: Matters for discussion and possible motion by the Committee There are no action items. Information Items: These items are not presented for Committee action but consist of status updates and cyclical reports 1. 2026 Capital Market Assumptions 10:35 – 11:05 Sam Austin, NEPC Betty Tse, ACERA 2. Education Session: Total Portfolio Approach 11:05 – 11:35 Sam Austin

OCERS - Private Equity ... Portfolio Report Report created: February 2026 ... Orange County Employees Retirement System ... range County Em ployees Retirem ent System ... range County Em ... | Abbott Capital Private Equity Investors 2008 | | 2008 0.2% 75.0 74.6 130.0 - 9.1 64.5 9.1 11.8% 1.9x | ... | --- | --- | --- | ... ployees Retirem range County Em ... 13.3 5.3 15.6% 2.5x Adams Street 2012 Global Fund 2012 0.5% 35.0 32.5 47.3 2.5 26.1 38.4 23.6 12.9% 2.2x Adams

As Of September 2025 ... OCERS - Real Assets Portfolio Report Report created: February 2026 ... Orange County Employees Retirement System ... range County Em ployees Retirem ent System ... ent System ... | Active | | Contributions Distributions NAV Currency Vintage Gain/Loss (mm) TVPI DPI RVPI IRR (mm) (mm) (mm) ployees Retirem | | --- | --- | --- | ... | Argo Capital Platform 2017 Bedrock Energy Partners Blackstone Infrastructure Partners DigitalBridge Partners

The PERA defined benefit plan portfolio ended the year with a return of 10.8% net-of-fees compared ... to the benchmark’s return of 11.1%. The value of the portfolio as of December 31, 2024, was ... $66.7 billion for the defined benefit plans and $6.7 billion for the defined contribution plans. The combined funded ratio for the five Division Trust Funds was 69.2%, a slight decrease from 6 ... .6% in 2023. ... Performance returns are time-weighted, annualized for periods longer than one year, and

In Real Estate investments, an investable and complete representation of the entire investment universe is not available. Therefore, a benchmark consisting of the returns of similar real estate investments held by institutional investors like PERA is used, plus an extra hurdle or premium. For PERA’s Real Estate benchmark, an extra return hurdle of 50 basis points per year is added to the benchmark to represent the more growth-orientated nature of PERA’s Real Estate investments. Alternatives comp

| Asset Class | Real Estate | | | --- | --- | --- | | Benchmark | Real Estate Custom Benchmark | | | | | | | Period | Weight | Incentive Award Scale | | 5 Year | 100% | 0-60 bp | ... Investment Performance Report Amy C. McGarrity, Chief Investment Officer/Chief Operating Officer introduced Katie Comstock, Aon Partner – Public Sector Solutions; Richard Parker, Aon, Partner; and Daniel Van Breene, Aon, Investment Consultant. Aon reviewed the Investment Performance Report presentation, which was pr

from State Street Investment Analytics as of 3/31/2023 unless otherwise noted. Report generated ... 4/1 ... Board Tearsheet ... Maryland State Retirement Agency Monthly Summary - PRELIMINARY ... | | | | Market Value: | Total Fund Summary as of 3/31/2023 $64,365 million | | | | | | | | | | Total Fund Asset Allocation Absolute Return, 5.9% | | Multi Asset, | 0.4% | Cash, 0.5% | | | | ... | | | | | | | | | | | | | | Real Assets, | | | | | | | | | ... | | | | | | | | | | | | | | 16.0%

On a motion made by Trustee Pittman and seconded by the Audit Committee, the Board accepted the FY ... 5 financial statements for inclusion in the System’s FY25 Annual Comprehensive Financial Report. ... 7. Chief Investment Officer’s Report ... The Board received the final performance update for September 2025. Acting Chief Investment Officer Robert Burd reported that the total fund returned 1.75% for the month of September, which was 50 basis points below the policy benchmark. All asset clas

managers to invest the assets of the several ... , (ii) developing and implementing internal management strategies (iii) creating or selecting and ... interests in specific investment vehicles, including limited ... companies, private equity investments, private real ... co-investments ... ensuring legal review of proposed investments by ... Attorney General and ( ... ) monitoring compliance with investment ... , State law, ... both the public market and private market program policies ... The i

Performance Report June 30, 2024 ... 3%. ... • Most asset class returns were positive for the quarter except for real estate, nominal fixed income, and international developed equities. ... • International emerging equities had the strongest absolute return, up 4.8% for the quarter, while real estate was the weakest performer in absolute terms, down 1.5%. → At quarter end, all asset classes were within their respective target allocation ranges. ... Real Estate 9.6 -1.5 -0.1 9.7 -0.5 -0.1 0.

LACERS investment portfolio ended the 4 th quarter with a market value of $11.5 billion, an increase of $0.1 billion from the previous quarter. The Fund’s net of fee return was 2.5% for the quarter and 14.3% for the one-year period. • The Total Fund outperformed its policy benchmark by 0.3% for the quarter and matched the policy benchmark for the one-year period. ... • In a comparison to other public funds with market values greater than $1 billion in TUCS (Trust Universe Comparison Service)

Returns (in %) ... | d e z i l a u n n A e c n a rm o f ) r % e in P s n r d u t n e u R ( F l a t o T S R E C A L | 6 s r .8 a 6 e Y 0 1 0 s .9 r a 9 e Y 5 8 s .3 r a 3 e Y 3 5 s .9 r a 7 e Y 2 0 .8 r a 5 e Y 1 1 .3 o t e 1 t r a a D e Y 1 r e .3 e t t 1 a r a D u o t Q 7 .9 h t 0 n ‐ o M 7 ) 8 $ ( ,8 e 8 lu 9 ,8 a V 3 t 6 e ,0 k 4 r 2 a M d n u F S R E C A L l a t o T | 3 .2 1 1 3 .4 7 1 9 .1 7 5 .6 5 1 3 .3 5 3 .1 5 ‐ 3 .1 5 ‐ 3 .7 5 ‐ 3 0 ,9 2 4 ,3 9 0 ,0 5 y t i u q E . S . U | 5 .5 5 7 .4

Returns (in %) ... Returns (in %) ... | d e z i l a u n n A e c n a rm o f ) r % e in P s n r d u t n e u R ( F l a t o T S R E C A L | 9 s r .3 a 8 e Y 0 1 5 s .0 r a 7 e Y 5 2 s .0 r a 1 e 1 Y 3 7 s .8 r a 0 e 1 Y 2 2 .5 r a 4 e 1 Y 1 2 .5 o t e 4 t r 1 a a D e Y 7 r e .9 e t t a 1 r a D u o t Q 1 .5 h t 0 n o M 2 ) 5 $ ( ,6 e 8 lu 5 ,8 a V 1 t 1 e ,1 k 7 r a 2 M d n u F S R E C A L l a t o T | 8 .4 3 1 2 .1 2 1 7 .7 9 1 0 .9 7 1 5 .4 4 1 5 .4 4 1 1 .7 1 6 .0 0 - 3 3 ,5 7 7 ,5 9 5 ,4 6 y t i u

LACERS’ investment portfolio (“Fund”) ended the quarter with a market value of $13.8 billion, a loss of $295 million from the previous year-end. The Fund’s net of fee return was -1.14% for the year and 7.96% for the three-year period ending September 30, 2015. • The Fund outperformed its policy benchmark by 130 basis points (1.30%) for the year and outperformed its policy benchmark by 114 basis points (1.14%) for the three-year period. ... • In comparison to other public funds with market valu

LACERS’ investment portfolio ended the quarter with a market value of $13.9 billion, a gain of $0.3 billion from the previous quarter. The Fund’s net of fee return was 3.8% for the quarter and 18.2% for the one-year period. • The Total Fund underperformed its policy benchmark by 0.3% for the quarter and outperformed by 0.3% for the one-year period. ... • Private Equity 1 underperformed while Private Real Estate outperformed their respective benchmarks for the quarter. ... | | | Private Real Es

49 Fund ... 50 Performance Summary ... 51 Portfolio Securities Summary ... 66 Real Estate ... TRS earned 19.6 percent gross of fees on its investments during the fiscal year ended June 30, 2007, a level not seen since the 1980s and among the highest in TRS history. Assets rose to a record high of $41.9 billion, up from $36.6 billion a year ago. For the seventh consecutive year, TRS’s investment performance ranked in the desirable upper quartile of national public and private pension performance

owned investments were ... Investment Performance Review RV Kuhns provided an update of the investment performance for the quarter ending September 30, 2014. Total assets: $44.5 billion. Documentation is on file. The total fund return, gross of fees: 1 year: 11.94% 3 years: 13.79% 5 years: 11.30% 10 years: 7.67% The total fund return, net of fees: 1 year: 11.32% 3 years: 13.13% 5 years: 10.66% 10 years: 7.15% RECESS The meeting recessed at 2:40 p.m. and reconvened at 2:55 p.m. Global Equity

4.A System Performance Brian Morales 1004 ... 4.C Educational Opportunities ... 4.C.1 BlackRock Educational Academy (Virtual and On Demand Classes) ... • Mastering Alternative Asset Classes: on demand • Systematic Investing: on demand • ETFs & Technology: on demand • Asset Allocation: October 19 & 20 • Risk Management & Operational Excellence: Nov 1 & 2 4.C.2 PIMCO Institute • July 18th – 21st (New Port Beach, CA) • November 7th – 10th (New Port Beach, CA) ... all contributions which would have

public or non-profit issuer ... Freda Johnson ... industry as a trailblazer, leader, innovator, and ... PRIT Fund Performance Mr. Trotsky noted for the one-year ended September 30, 2022, the PRIT Fund was down -9.6%, (-10.1% net), underperforming the total core benchmark of -7.9% by 178 basis points (220 bps net). The following chart summarizes the PRIT Fund performance for the one-year ended September 30, 2022. (The remainder of this page was intentionally left blank.) ... PRIT Fund Annualized

City of Alameda, California Annual Comprehensive Financial Report Fiscal Year Ended June 30, 2023 CITY OF ALAMEDA, CALIFORNIA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2023 PREPARED BY THE FINANCE DEPARTMENT MARGARET O’BRIEN FINANCE DIRECTOR City of Alameda, California TT m,£ © & People and Places in the City “Alameda INTRODUCTORY SECTION City of Alameda, California srAlameda People and Places in the City

CIO COMMENTS Ms. Murphy reported that the OCERS portfolio is up 8.7% year to date, noting that the second quarter was not as robust as the third quarter. Since the last meeting, the dollar has strengthened marginally. The Investments Team is continuing to monitor the tariff discussions as large tariffs are looming for India and pending for China. ... INFORMATION ITEMS Each of the following informational items will be presented to the Board for discussion. Presentations I-1 MEKETA 2Q 2025 PORTFOL